Monty Limited began operations on January 2, 2019. The company employs 9 individuals who work 8 hour days and are paid hourly Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned: unused sick days accumulate Additional information is as follows: Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee 2019 2020 2019 2020 2019 2020 $20 $22 0 7 3 4 Assume that Monty Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation time at expected future rates of pay without discounting Monty uses the following projected rates to accrue vacation time Year in Which Vacation Time Was Earned 2019 2020 Projected Future Pay Rates Used to Accrue Vacation Pay $20.75 per hour $22.50 per hour Prepare the journal entries to record the transactions related to vacation entitlement during 2019 and 2020. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation 2019 Salaries and Wages Expense 2019 Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Payable cash (To record vacation time paid) 2020 Salaries and Wages Expense 2020 Debit 14400 4482 15840 Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 504 Salaries and Wages Payable Cath (To record vacation time paid) 10080 Credit 14400 4482 15640 10584 Prepare the journal entries to record the transactions related to sick days during 2019 and 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation 2019 2020 eTextbook and Media List of Accounts Debit Credit Calculate the amounts of any liability for vacation pay and sick days that should be reported on the SFP at December 31, 2019, and 2020. 2019 2020 Calculate the amounts of any liability for vacation pay and sick days that should be reported on the SFP at December 31, 2019. and 2020. 2019 Liability for vacation pay $ Liability for sick pay eTextbook and Media List of Accounts 2020